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Inflation remains at three-year low

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UK inflation held steady at a three-year low in November despite price rises across a range of goods including chocolate and concert tickets.

Consumer price inflation (CPI) was 1.5 per cent last month, unchanged from October, according to the Office for National Statistics (ONS).

It’s the fourth month in a row inflation has undershot the Bank of England target of 2 per cent.

The largest price increases came from food and non-alcoholic beverages.

The ONS said: “Prices rose between October and November 2019 by more than between the same two months a year ago, especially for sugar, jam, syrups, chocolate and confectionery.

“Within this group, boxes and cartons of chocolates, and chocolate covered ice cream bars drove the upward movement.”

The largest downward contributions came from restaurants and hotels, and alcohol and tobacco.

Steven Cameron, pensions director at Aegon, said: “Low inflation will offer consumers some relief from the cost of living during the busy festive period, although with food and non-alcoholic beverages showing the largest annual price increase, the cost of your Christmas meal may still be more expensive than last year.”

Emma-Lou Montgomery, associate director for personal investing at Fidelity International, added: “Your own personal rate of inflation, of course, depends on what you spend your money on. While the cost of eating out has gone down, along with the cost of alcohol and cigarettes, the price of food generally has risen and chocolate fans might have noticed their sweet treats costing more this Christmas.”

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